Birchcliff Energy (BIR-TSX); BUY, C$4.60 ― Reports unaudited Q4 results & 2019 reserves | Bonterra Energy (BNE-TSX); HOLD, C$4.75― Rolling out 2020 guidance and 2019 year-end reserves | Mullen Group (MTL-TSX); HOLD, C$8.50― An OFS company no more | Pine Cliff Energy (PNE-TSX); HOLD, C$0.15― 2020 guidance and 2019 year-end reserves | Precision Drilling (PD-TSX); BUY, C$3.75― FCF yields of 31% in 2020e and 2021e | TC Energy (TRP-TSX); BUY, C$79.00― In-line quarter, but a bit more growth capital
Companies: BIR BNE MTL PNE PD
Bonterra announced 3Q19 results which were modestly behind both GMPFE and consensus expectations.
Production for the quarter came in at 12,136 boe/d, shy of both GMPFE (12,678 boe/d) and consensus (12,544 boe/d), as the company continued to deal with the impact of shut in volumes due to both thirdparty infrastructure maintenance and price deterioration.
Funds flow of $22.6 mm ($0.68/sh) was below both GMPFE’s call for $24.1 mm ($0.72/sh), and the Street at $23.8 mm ($0.72/sh). Unsurpri
Companies: Bonterra Energy Corp.
Production of 12,020 boe/d underwhelmed the consensus call of 12,785 boe/d, as production was negatively impacted by 560 boe/d of shut-ins, primarily due to well freeze-offs in February.
Bonterra reported 3Q18 production of 13,043 boe/d, in line with GMPFE expectations. Production was down q/q as the company was subjected to significant maintenance work to the tune of roughly ~500 boe/d.
With this publication, following an analyst transition, we are transferring coverage of Bonterra Energy Corp. During this transition period, Bonterra posted 2Q18 results that were ahead of expectations on both a production and cash flow basis. In fact, the company posted its highest cash flow netback since 2Q15 (nearly $30.00/boe). Despite a more active than expected capital program and normal course dividend payouts, Bonterra managed to pay down debt by $8.8 mm, bringing its run-rate D/CF down
1Q18 production of 13,051 boe/d was in line with GMP FE estimate of 13,083 boe/d and consensus of 13,093 boe/d. CFPS (f.d.) of $0.84/shr during the quarter was slightly behind our estimate of $0.88/shr and consensus of $0.89/shr. The company spent $36.2mm on E&D in 1Q18 (GMPFE at $30mm), which included drilling 15 (14.9 net) wells. BNE’s capital program was front-end loaded with capital in 1Q18 totalling ~50% of planned 2018e expenditures. Management noted that April volumes averaged ~14,600
Bonterra’s second quarter production volumes were within 1% of both our estimate and the consensus, although increased to over 13,000 boe/d early in the third quarter as new wells were brought on stream and a portion of previously shut-in production was reactivated. Cash flow was modestly ahead of expectations due to lower royalties in the period, while both operating and transportation costs came in as expected. Guidance remains unchanged, with 2016e capital spending of ~$40 mm and production e
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly rev
Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PWT PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS NVA PPY PNE RRX RMP SRX SGY TET ATU CKE GXE IKM LXE MQL PRQ SPE SKX TVE TVETF YO
Impact: Neutral. The 10% reduction to Bonterra's credit facility to $380 mm is within our prior expectations given current commodity prices, and remains sufficient for the Company to execute on its previously outlined $40 mm capital budget while also paying down debt in 2016e.
We had the pleasure of hosting the Management team from Bonterra Energy to run through the Company's latest corporate presentation. Management noted at US$45.00/bbl WTI the Company is more than comfortable with its current dividend of $0.10 per month, while also reiterating plans to spend ~$40 mm of capital to keep production relatively flat at the 12,500 boe/d level. As before, Management continues to
manage its production levels through the current downturn to ensure long term value creation.
First quarter production volumes were in line with our estimate, although slightly ahead of consensus, with a handful of wells drilled and completed in late 2015 that were brought on stream in the period.
With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe
Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PSK VII TOU VET WCP BNE CJ CR DEE JOY KEL LTS LRE NVA PPY PNE RRX RMP SRX SGY TET ATU CKE GXE IKM LXE ROAOF MQL RE SPE SKX TVE TVETF YGR YO
With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.
Companies: AAV ARX BTE BNP CPG ERF POU PEY PGF PWT VII TXP VET WCP BNE CJ KEL LTS LRE NVA PPY PNE RRX RMP SRX SGY TET ATU BXO CKE GXE IKM LXE MQL SKX TVE TVETF YGR YO
With this publication we highlight forecast revisions associated with our commodity price update (Natural Gas Update; Crude Oil Update), roughly characterized by near term lifts in crude oil prices concurrent with a reduction to portended 2016e and 2017e natural gas pricing outlooks. While there are a few ranking changes on mostly non-material moves to valuations, implied returns within the group on the whole are far less than postulated only a few months ago, reflective of resurgent equity pric
Companies: AAV ARX BNP CPG PEY VET BNE CJ CR DEE KEL NVA PPY LXE TVE
Fourth quarter production volumes were previously reported with the Company’s year-end reserve release in February, with no other surprises included in the year- end results. Recall, Bonterra previously reported year-end reserves which were up ~13% on a 2P basis, while NPVs were up ~4% impacted by lower commodity prices. Management reiterated plans for capital spending of $40 mm in 2016e, with production expected to average ~12,500 boe/d. We have made very few changes to our forecast coming off
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Companies: Sylvania Platinum Ltd.
Bushveld’s consolidated vanadium production increased by close to 30% in Q2 2021, underpinned by improved operational stability at Vametco following a maintenance shutdown that adversely impacted output in the preceding quarter. If maintained across the second half, current rates at both Vametco and Vanchem put the group well on course to meet its recently revised full-year production target of 3,400-3,600t. With vanadium prices having recovered strongly from last year’s lows, we are optimistic
Companies: Bushveld Minerals Limited
West Newton flow testing update
Companies: Union Jack Oil Plc
Yesterday’s positive trading update confirmed that recent momentum at HRMS, Hargreaves’ German JV, has continued into the early months of the new year. It is already clear that FY’22 results will be materially ahead of previous expectations (66% PBT upgrade). Moreover, FY’21 results will be even better than anticipated (18% PBT upgrade), reflecting the current strength of commodity market conditions. Our new forecasts prudently assume that these conditions normalise during FY’22 with no lasting
Companies: Hargreaves Services plc
• 2Q21 production was 8,825 bbl/d marginally above guidance.
• While the 3WD water disposal well has now been completed, one of the booster pumps is not fully operational, constraining water injection . This in turn has constrained current field oil production to~8,800 bbl/d. (Production from the recently drilled 7D well has naturally declined from 3.5 mbbl/d to 2.5 mbbl/d outperforming the company’s expectations). The booster pump is expected to be either repaired or replaced over the next
Companies: PetroTal Corp.
Despite an ongoing state of emergency in Trinidad, Trinity has once again delivered a strong operational and financial performance in Q2/21. Production levels have remained broadly flat quarter-on-quarter at 3,047bopd (Q1/21: 3,107bopd), despite no new wells being drilled since 2019 and notwithstanding the constrained COVID-19 related restrictions. This strong production performance, combined with strict cost controls helped Trinity maintain a low operating break-even of US$27.8/bbl in H1/21, wi
Companies: Trinity Exploration & Production Plc
Antofagasta (ANTO LN) – Q2 production and costs within guidance range
Ariana Resources (AAU LN) – Kepez North resource nearly doubles
Bushveld Minerals* (BMN LN) – Q2/21 production recovers with annual guidance reiterated
Condor Gold* (CNR LN) – Latest drilling results and revised resource assessment from the La India Starter pits
Kavango Resources (KAV LN) – Drilling commences at KSZ Hukuntsi
Petra Diamonds (PDL LN) – Cullinan delivers record output as diamond market recovers
Companies: ANTO AAU BMN CNR KAV PDL POG RIO
Although renewable energy has been gaining increasing traction over the past decade as the costs of renewable energy generation and perhaps more importantly, energy storage have fallen, 2020 was a seminal year for transitional energy investors driven by governments seeking to “build back better” after COVID-19. The US has committed US$2.25trn largely focused on the energy transition while the EU has committed US$0.54trn with companies around the world including China committing to net zero targe
Companies: LAM FSJ TGP PRES JMAT CRPR NEXS VLX
EQTEC have just announced their Q2 Trading Update and have highlighted several key updates in their immediate pipeline. In line with our expectations, EQTEC are on track to hit our modelled revenue and EBITDA projections for 2021. Billingham has completed its concept design and progresses towards financial close.
Companies: EQTEC PLC
AfriTin* (ATM LN) –Uis mine in Namibia aiming towards doubling monthly concentrate output
Alba Mineral Resources (ALBA LN) – Identification of new gold target close to Gwynfynydd
Altus Strategies* (ALS LN) – New silver/copper licenses secured in Morocco
Cornish Lithium (PRIVATE) – DLE technology provider selected for the Pilot Plant
Greatland Gold (GGP LN) – Additional drilling results from Havieron
Piedmont Lithium (PLL US) – A presentation delivered to Gaston County officials
Companies: PLL ATM ALBA ALS GGP SRB
GeoPark (GPRK US) C: Target of US$26 per share: 2Q21 update - 2Q21 production of 36,489 boe/d was in line with previous indications. 2Q21 oil production at Llanos-34 and CPO-5 was respectively 24,515 bbl/d and 3,445 bbl/d. Production is now 38-39 mboe/d as previously reported with CPO-5 generating approx. 3,900 bbl/d net to GeoPark. 2H21 production is expected to be 39-42 mboe/d resulting in FY21 production of 38-40 mboe/d from 41-43
Companies: JKX PHAR AKRBP AKERBP FEC GPRK GPRK TAL
United Oil & Gas has provided a H1/21 operational and trading update ahead of a shareholder call at 12pm today. United continues to go from strength to strength with the Company announcing three positive well results at Abu Sennan in H1/21 – providing a material uplift to the Company's low-cost production base, whilst also demonstrating the material remaining potential within the Abu Sennan licence. United's H1/21 net working interest production averaged 2,730boepd, c14% above the Company's 2,40
Companies: United Oil & Gas Plc
Altus Strategies* (ALS LN) - La Mancha launches La Mancha Fund, a Luxembourg based long only fund dedicated primarily to gold mining.
Ariana Resources (AAU LN) – Kiziltepe production guidance maintained
Castillo Copper (CCZ LN) – Quarterly report highlights the ‘Big One' prospect
Chaarat Gold (CGH LN) – Robust Kapan production in H1/21 with Tulkubash funding completion pushed to Q3/21
Glencore (GLEN LN) – Glencore to pay $9.85m to settle zinc rigging dispute
Jervois Mining (JRV AU) – Jervoi
Companies: SO4 ALS AAU CGH GLEN POW TYM CCZ JRV LYC
South Harz Potash is expected to start drilling its first of two planned confirmation holes at Ohmgebirge in Q4/CY21. The Company has submitted supplementary detailed information to regional mining authorities to support the final step in the permitting process.
As a result of the delays experienced in procuring landowner and tenant approved drill sites and the competition for drill rig availability, South Harz Potash now expects drilling of the second confirmatory twin hole in Q1/CY22. The tw
Companies: South Harz Potash Ltd
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN